Blaine Luetkemeyer

This elevated rate did not happen out of the blue. It has been rapidly rising for the last year.

Thank you, Madam Chair. And thank you for convening the Committee meeting this morning.

As we sit here today, inflation is at a 41-year high of 9.1 percent.

Later today, the Federal Reserve will announce its next interest rate hike.

One of the things that the Government Accountability Office and SBA's Inspector General originally criticized the SBA for their lack of controls on these programs leading to potential fraud risks.

I have got some of my constituents who are working to try to get that done because there apparently is not any flexibility in theirs.

As a capitalist and entrepreneur, you were able to take advantage of the economic freedom this country presents and start your own business and do well with it.

It is my hope she stops ignoring the loss to small businesses on this Committee and testifies soon.

Despite being legally required to testify before this Committee last year and twice this year, Treasury Secretary Yellen is a no-show.

This administration has the ability to talk directly to small business through one of the federal government's most important cabinet-level agencies, the Department of Treasury.

We need to make it easier on main street, we need to cut taxes, we need to reduce regulations.

We need to get out of this by quit spending money we are printing that is worthless.

The resulting loss of small contractors means less competition and, ultimately, higher costs to the taxpayers.

The Department of Defense recently released a report coming to the bold conclusion that contract consolidation in the defense industrial market is a national security threat.

Choosing to procure with these vehicles must not result in devastating impacts to the small industrial base.

The issue we are exploring today rises to among the very top.

Made in America still matters. And so anything that we can do to support that I think is going to be beneficial to our communities.

During National Veteran Small Business Week in November, I was honored to host a veteran small business showcase and roundtable.

These brave men and women not only served our country in one of the highest regards, but also came home and continued to support their communities through entrepreneurship and employing fellow veterans.

I want to start off by thanking all our nation's veterans, service Members, and their families for their sacrifice to our great country.

Thank you, Madam Chair, for calling today's hearing.

The SBA's Inspector General has already flagged this program for potentially $80 to $90 billion in fraudulent loan activity.

When I am home, I sit and I talk to small businesses and I often hear that the PPP saved their businesses.

Going forward the SBA will be conducting independent outreach and audits on lenders who have not actively communicated to borrowers on the availability of forgiveness.

I urge my colleagues to support H.R. 7622.